Axcelis: No thanks to Sumitomo offer

Feb. 25, 2008 – Axcelis has responded to the unsolicited (and surprisingly public) buyout offer by Japanese partner Sumitomo Heavy Industries with a resounding “no,” indicating its directors have “unanimously” rejected the unsolicited takeover proposal.

“The proposal substantially undervalues the company and its prospects of reclaiming its market share and creating value for its shareholders,” the company wrote in a statement, adding that the board “is confident of Axcelis’ long-term potential and the company’s ability to deliver attractive value to shareholders as it capitalizes on this potential.”

Mary Puma, chairman/CEO, elaborated, saying the company believes it will “realize increasing benefits from the roll-out of Optima HD over the near term and other technological innovations over the long term.” She added that Sumitomo’s “opportunistic proposal fails to recognize this value despite SHI’s being well aware of the strength of Axcelis’ intellectual property, our strong product portfolio and high levels of customer satisfaction.”


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